HomeBusinessSenate directs CBN to extend the use of old naira notes

Senate directs CBN to extend the use of old naira notes

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The Nigerian Senate, Tuesday, January 24, 2023, have asked the Central Bank of Nigeria, CBN to extend the mop-up of old Naira notes to 31st July 2023.

The resolution was passed on the floor of the senate and house of representatives on Tuesday.

In October 2022, Godwin Emefiele, CBN governor, announced the naira redesign policy which entails the issuance of new naira notes to replace the existing N200, N500, and N1,000 series.

The CBN said — N100, N50, N20, N10, and N5 notes — would continue to be in circulation while the current N200, N500, and N1,000 naira notes will cease to be legal tender in the country after January 31, 2023.

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